Regulation vs Legislation: Regulation is imposed by which entity?

Unlock all questions

This demo includes only 20 questions. Upgrade to access hundreds of questions, flashcards, exam simulations, and disable ads.

Full question bankExam simulationsFlashcards
From $24.99Unlock all

Study for the AAT Level 4 Drafting and Interpreting Financial Statements exam. Utilize flashcards and multiple choice questions with detailed explanations and hints. Prepare to ace your exam!

Multiple Choice

Regulation vs Legislation: Regulation is imposed by which entity?

Explanation:
Regulation in accounting comes from the standard-setter within the profession. The IASB issues IFRS, which specify how financial statements should be prepared and presented. These standards are the regulating rules that practitioners follow, and they are later adopted by governments as law or regulation. Banks and trade unions don’t set or impose accounting standards.

Regulation in accounting comes from the standard-setter within the profession. The IASB issues IFRS, which specify how financial statements should be prepared and presented. These standards are the regulating rules that practitioners follow, and they are later adopted by governments as law or regulation. Banks and trade unions don’t set or impose accounting standards.

More Multiple Choice Questions
Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy